Call to cut SEZ tax relief

Vadodara, Feb. 17: C. Rangarajan, chairman of the Economic Advisory Council to the Prime Minister, has stressed the need to moderate tax exemptions and concessions to SEZs being set up in the country. Rangarajan said the hike in fuel prices was modest and would not have a large impact on the wholesale price index. On the impact of the US recession on the Indian economy, he said it depended on how serious the crisis was in the United States. However, it will not have any impact on the country now, he added.

GDP growth

Mumbai, Feb. 17: The Centre for Monitoring Indian Economy (CMIE) has scaled down its gdp growth estimates to 8.9 per cent from 9.1 per cent for 2007-08. However, the country’s economy is expected to continue on its healthy growth trajectory in 2008-09, clocking 9.1 per cent growth in gdp, cmie said its monthly review.

Bajaj car

New Delhi, Feb. 17: Bajaj Auto, which plans to develop a low-cost small car in partnership with Renault-Nissan, is expected to announce the final details of the project in a “few weeks”. A Renault India official said there were several teams from the alliance, covering different specialisations, “who were working to decide on the viability of the project”.

Sugar output

New Delhi, Feb. 17: India’s sugar production fell 9 lakh tonnes in the first quarter of 2007-08 because of the delay in starting sugarcane crushing by mills. The production is estimated at 6.4 million tonnes during the October-December period of 2007-08, compared with 7.3 million tonnes in the corresponding period of the previous season.

Sebi chief

Mumbai, Feb. 17: Newly appointed Sebi chief C.B Bhave will assume office tomorrow and is likely to continue with the reforms in the financial markets as effected by M. Damodaran.

Cognizant

New Delhi, Feb. 17: Cognizant will expand its headcount in India by about 14,700 this year and will also broadbase its talent pool by hiring doctors, lawyers and CAs.

RIL drilling

New Delhi, Feb. 17: Reliance Industries Ltd (RIL) has completed 94 per cent of drilling for production of natural gas from its eastern offshore kg-d6 block in the third quarter of 2008.